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Norway raises Xstrata stake
NORWAY yesterday emerged as the latest shareholder to have increased its stake in Xstrata, posing another stumbling block to the miner’s biggest shareholder Glencore as it tries to get a grip on its plans to merge with the group.
Norges Bank Investment Management, which manages Norway’s $610bn sovereign wealth fund, has been steadily buying Xstrata shares over the last few weeks and the latest regulatory filing yesterday showed it had crossed the three per cent threshold.
The move comes after fellow sovereign welath fund Qatar Holding upped its stake in Xstrata to 12 per cent, pressing for better terms and threatening to vote against the merger.